2010 04 01 MDD MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS
OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT
April 01, 2010
The Board of Directors of the Baytown Municipal Development District (MDD) met in a
Regular Meeting on Thursday, April 01, 2010, at 4:31 P.M. in the Council Chamber of
the Baytown City Hall, 2401 Market Street, Baytown, Texas with the following in
attendance:
Reggie Brewer
Director
Lynn A. Caskey, II
Director
David McCartney
Director
Terry Sain
Director
Scott Sheley
Director
Lena Yepez
Director
Mary Hernandez
Director
Stephen DonCarlos President
Garrison C. Brumback General Manager
Bob Leiper Deputy General Manager
Ignacio Ramirez, Sr. General Counsel
Kevin Troller Assistant General Manager
Leticia Garza Secretary
President DonCarlos convened the April 01, 2010, Regular Meeting with a quorum
present at 4:31 P.M.
1. MINUTES
a. Approve the Minutes of the Baytown Municipal Development District
(MDD) Regular Meeting held on February 04, 2010.
A motion was made by Director Sheley, seconded by Director McCartney approving the
minutes from the February 04, 2010, Municipal Development District Regular Meeting.
The vote was as follows:
Ayes: Directors: Brewer, Caskey, McCartney, Sain, Sheley,
Yepez, and President DonCarlos
Nays: None
The motion passed.
Page 2 of 3 Minutes of the April 01, 2010 MDD Board Meeting
2. PROPOSED RESOLUTIONS
a. Interlocal Agreement with the City of Baytown for Funding of the
Redevelopment of 700 W. Texas Avenue - Administration.
Resolution No. 144 authorizes an Interlocal Agreement with the City of Baytown for
funding of a mixed -use development project to be located on the property located at 700
W. Texas Avenue, Harris County, Texas, to promote local economic development and
stimulate business and commercial activity within the City. The project will include: a
building with: (1.) at least 3,000 square feet of commercial space and (2.) at least 9,0222
square feet of market -rate residential space consisting of the following:
1 No. of Units No. of Bedrooms
I 6 _� 1
1 F Efficiency
5
and (3.) a parking lot.
No. of Bathrooms Approximate
Square Feet
644
1 - - - � -- - -- 716 - --
1 � 928.
General Manager, Garry Brumback stated that under the agreement, after competitive
bidding, the City of Baytown will enter into a Chapter 380 Agreement with the successful
developer to endeavor to purchase 700 W. Texas Avenue and to lease the same back to
the developer. As proposed, the MDD will fund $346,000, which will be used to purchase
the property and then repaid by the developer at the City's TxPOOL annual interest
rate rounded up to the nearest whole percent and amortized over a 29 -year period with a
final balloon payment at the end of year 15. If the successful bidder pays ad valorem
taxes on the property or the leasehold estate during the term of the agreement, the annual
interest rate will be at 1 % for the year in which such taxes were paid; otherwise the rate
will be adjusted to reflect the then - current TxPOOL rate rounded as noted above. Once
the District's monies are paid back and the purchase option payment is paid, the City will
convey the property to the successful developer.
A motion was made by Director Sheley, seconded by Director Caskey approving
Resolution No. 144. The vote was as follows:
Ayes: Directors: Brewer, Caskey, McCartney, Sain, Sheley,
Yepez, Hernandez, and President DonCarlos
Nays: None
The motion passed.
Page 3 of 3 Minutes of the April 01, 2010 MDD Board Meeting
RESOLUTION NO. 144
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT
AUTHORIZING THE PRESIDENT TO EXECUTE AN INTERLOCAL
AGREEMENT WITH THE CITY OF BAYTOWN FOR FUNDING OF
A MIXED -USE DEVELOPMENT PROJECT; AUTHORIZING
PAYMENT OF AN AMOUNT NOT TO EXCEED THREE HUNDRED
FORTY -SIX THOUSAND AND NO 1100 DOLLARS ($346,000.00);
MAKING OTHER PROVISIONS RELATED THERETO; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
3. MANAGER'S REPORTS
Finance Director, Cynthia Pearson presented that monthly sales tax report and stated that
the March information is not ready.
4. ADJOURN
A motion was made by Director Sain, seconded by Director McCartney adjourning the
MDD April 01, 2010, Regular Meeting. The vote was as follows:
Ayes: Directors: Brewer, Caskey, McCartney, Sain, Sheley,
Yepez, Hernandez, and President DonCarlos
Nays: None
The motion passed.
President DonCarlos a &lged the MDD Regular Meeting on April 01, 2010, at 4:46
P.M. ��PJe� BEVf
City of Baytown